JPMorgan Chase second quarter profits boosted

JPMorgan Chase has faced a decline in corporate and investment banking profitsDemotix

Lower revenue from investment banking and mortgages did not stop JPMorgan Chase reporting a stronger-than-expected rise in second-quarter profit as it took an axe to expenses.

America’s biggest bank by assets reported second quarter earnings of $6.3 billion, up from $6 billion for the same period last year. Revenue fell 3.2 per cent to $24.53 billion.

Like other big banks, JPMorgan Chase has faced a decline in corporate and investment banking profits and has worked hard on reducing expenses. Its biggest cuts in the last quarter were in the corporate and investment banking division where costs were shaved by 15 per cent to $5.1 billion.

Jamie Dimon, the bank’s chief executive, said it was on target to deliver expense commitments. “This quarter was another example…